The Korean Ministry of Agriculture, Food & Rural Affairs has proposed establishing a nearly USD 2 billion fund for improving, among other things, farming productivity in Korea. The fund is intended to lead to the doubling of Korea's agricultural product exports.
The proposal was made in a government meeting chaired by Korea's president, thus, indicating that the plan has significant weight behind it.
When these funds are in the works, Korean companies, often, are eager to partner with foreign technology companies in order to garner the necessity licenses and know how to bid on projects.
Opportunities abound in agricultural tech in Korea, since Korea is decades behind most other developed countries in agricultural productivity. We are surprised to see many of the leading players in the West not have an active presence in Korea, because of a total lack of interest by Korea's aggregators. This may all change with the implementation of this fund. We suggest having your presence known in Korea and, promptly, contacting the major players in Korea. This may be a great opportunity for foreign tech companies and the Korean agricultural sector.
Sean Hayes may be contacted at: SeanHayes@ipglegal.com.
Sean Hayes is co-chair of the Korea Practice Team and Entertainment Law Team at IPG Legal. He is first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty.